The saying often goes, “what’s mine is yours” when a couple marries. However, this thought dissipates when a spouse files for divorce. While the process is often overrun with emotions, getting a divorce can be a very complex matter. For wealthy couples, this can be a very long, drawn out process, as spouses are not only arguing over who gets what but they are also faced with identifying and valuing all the assets and property included in the marriage.
Money cannot buy you happiness, and it certainly cannot buy you love. This is often why money is often the cause for divorce. While many associated financial anxiety caused by debt as a contributing factor for divorce, the same is true for those with an abundance of wealth. This is why there is an uptick in divorce filings when there is economic growth.
The increase could be related to the ability for the spouses to not only afford the process but their post-divorce life. It is often an easier pill to swallow when one’s net worth is higher. However, even when a couple has a higher net worth, this does not make the process any easier.
High asset divorces often mean more assets to divide and more complications when it comes to valuing the assets that are up for distribution. In order to reach a common ground and an equitable division of property, it is likely financial experts may be necessary. These individuals could help locate all marital property up for division, even if that means uncovering hidden assets.
A financial expert could also assist with the valuation of property that may not be easily be done. In matter where there are collectibles or fine art, this could be a crucial step to take.
Divorce can be messy whether one has a high net worth or not because property division is often a contentious issue. Thus, it is important that divorcing spouses understand the process and how best to navigate it to ensure that his or her rights are protected.
